Centre, Gujarat Govt Begin Talks On New GIFT City Chief

A leadership transition at the GIFT City may be on the cards, as Ray, a retired officer from the Gujarat cadre, completes his six-year term. High-level discussions have begun within the state government, under the direct guidance of the central government, regarding the selection of a suitable officer for this important post. 

Ray took over at GIFT City after returning from Delhi, where he had held key posts in central ministries. During his time at the GIFT, the project has seen growing domestic and international interest, with a number of financial institutions establishing a presence in the city. His efforts have been credited with helping position GIFT City as a prominent name on the global financial map. However, sources indicate that due to some recent health concerns, the state may consider bringing in a new official to lead the initiative forward. 

Spanning over three decades, Ray’s career includes important assignments at the Centre in ministries such as Defence, Textiles, Power, Planning, Science and Technology. He also served as Additional Chief Secretary in Gujarat's Finance Department. His corporate experience spans over 12 years in various public sector roles at both the state and national levels, including five years as Managing Director of the Gujarat State Petroleum Corporation Group of Companies.

Degrees From US Universities
An IAS officer from the 1982 Gujarat cadre, Ray has also served as Interim Secretary of Economic Affairs at the Centre and was a board member of the Securities and Exchange Board of India (SEBI). Academically, he is an alumnus of IIT Delhi and holds a degree in Public Policy from Princeton University's Woodrow Wilson School, as well as a Master's degree in Public Administration from the Maxwell School of Syracuse University, USA.

Over 20,000 Employees In GIFT City
Under Ray’s leadership, GIFT City has seen considerable expansion. More than 550 entities are now operational with the city, collectively employing over 20,000 professionals. The city has become home to businesses across banking, capital markets, fund management, insurance, bullion trading, finance companies, aircraft and ship leasing, global in-house centres, fintech firms, foreign universities, and ancillary services.

Dr. Hasmukh Adhia Serves As Chairman
GIFT City’s Board of Directors is charied by Dr. Hasmukh Adhia, retired IAS officer and currently Chief Advisor to the Chief Minister of Gujarat. IAS officers T. Natarajan, Ashwini Kumar, and Ramya Mohan serve as nominee directors from the state government. Independent directors include Prof. Chetan Vaidya, Anjali Bansal, Ajay Tyagi, Rajat Moona, and Debjani Ghosh.